SINGAPORE: The new Overseas Networks & Expertise Pass for leaders in their fields can help pull top talent in specialised areas to Singapore, said experts.
This comes after the Ministry of Manpower (MOM) on Monday (Aug 29) announced the new work pass, which will also allow high-earners and high-achievers to live in Singapore without having to secure a job here first.
Mr Nilay Khandelwal, managing director of recruitment agency Michael Page Singapore, said that the talent crunch here is especially tight at senior levels, and the new employment pass is likely targeted at attracting specific talent in niche areas.
“If you’re investing into Singapore as a market, if you’re a start-up or one of the top organisations, it’s quite a straightforward mechanism for you to get one of the people in your headquarters to be based here or one of the co-founders or founders from one of the markets to move into this market,” he said.
He said that this will greatly improve the ease of doing business here, adding: “It’s basically trying to attract individuals from various walks of life who are at the top of their game, and truly making sure that Singapore becomes a global hub for talent.”
The bar is high for the Overseas Networks & Expertise Pass. Applicants need to meet a salary threshold of S$30,000 a month or have “outstanding achievements” in their field, which can be in arts and culture, sciences, academia or sports.
Overseas candidates need to demonstrate that they are playing a leading role in an established company, with market capitalisation of at least US$500 million or annual revenue of USS$200 million.
But the pass offers much greater flexibility than existing work passes. As it’s not tied to a job here, the individual can concurrently start, operate and work for multiple companies in Singapore.
It also has a longer duration of five years and the person can sponsor his or her dependents to live here. Their spouses can work on a letter of consent.